Make an Alt-Coin worthwhile

[zacho56]

I see so many alt-coins here that are not "scam-coins" per-se but seems to me like get rich schemes. Im a big supporter of alt-coins and cryptos in general, but with so many rip-offs today, why not create something that is unique and will gain attention for the right reasons instead of Pump/Dump and qt's without even the logo changed?

Invest some serious time into a unique coin that will serve some bigger purpose. Anyone else agree?

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[Becher-Karl]

https://bitcointalk.org/index.php?topic=169204.0

[markm]

There is already more maintenance work needed just to maintain the ancient coins that have already been with us for years than we every manage to catch up with so really it would probaboy be much better to work on the coins we already have then to keep spewing out more.

The merged mined coins might conceivably be able to be secured once everyone can easily get ASICs to secure them with (the early owners of ASICs seem to be the same old old-guard old-money folk who don't merged mine) but all the coins that need separate hashing power are more and more screwed the more of them there are since the total hashing power gets divided between more and more chains instead of shared by more and more chains.

(Though some slight sharing does happen from the chain-hoppers who hop to the lower difficulty ones provided the exchange rates make such hopping appear momentarily profitable.)

-MarkM-

[zacho56]

There is already more maintenance work needed just to maintain the ancient coins that have already been with us for years than we every manage to catch up with so really it would probaboy be much better to work on the coins we already have then to keep spewing out more.

The merged mined coins might conceivably be able to be secured once everyone can easily get ASICs to secure them with (the early owners of ASICs seem to be the same old old-guard old-money folk who don't merged mine) but all the coins that need separate hashing power are more and more screwed the more of them there are since the total hsashing power gets divided between more and more chains instead of shared by more and more chains.

(Though some slight sharing does happen from the chain-hoppers who hop to the lower difficulty ones provided the exchange rates make such hopping appear momentarily profitable.)

-MarkM-

Couldn't agree more

[Praxis]

Yes but there are 100 threads exactly like that.
You make the new Alt-coin!

To make something radically new you need actually good programmers, and that's no joke to find.

[zacho56]

Yes but there are 100 threads exactly like that.
You make the new Alt-coin!

To make something radically new you need actually good programmers, and that's no joke to find.

If I had the programming knowledge I certainly would. Something needs to be made after this alt coin bloat has died down, that is truly innovative and will help the rep of alt-coins strengthen.

[nutildah]

Let's count the altcoins that are actually used by vendors outside of a tight-knit group of spoiled nerds:

1. Litecoin
2. Blackcoin
3. Dogecoin
4. Dash

That's about all I can think of at the moment. I've used NXT to buy a t-shirt, but I can't say I've seen vendors using it outside of the AE.

[tiggytomb]

Agree, there are far too many coin launches for the sake of quickly getting onto an exchange and then pump and dump, there are some that have been around for a while and some of these seem to be coming back into play now.

DNotes was one I thought was long gone but now is doing quite well and has had a nice steady price for a few weeks, myself I have been into XAI for a while now as I like the idea and the developer is on the ball doing things by himself, also TRI initially for their catchy phrase "you know why..." but to be fair they have a nice coin, small amount and they have a cracking android trading app which I don't think many are aware of, check it out https://bitcointalk.org/index.php?topic=820103.0

[rnicoll]

I see so many alt-coins here that are not "scam-coins" per-se but seems to me like get rich schemes. Im a big supporter of alt-coins and cryptos in general, but with so many rip-offs today, why not create something that is unique and will gain attention for the right reasons instead of Pump/Dump and qt's without even the logo changed?

Invest some serious time into a unique coin that will serve some bigger purpose. Anyone else agree?

Three basic reasons:

1. Bitcoin has what, a dozen full time or near full time developers, plus as huge army of others helping out. So you either need a comparable development team (expensive), a miracle, or accept that they'll leave you in their dust in development pace.
2. For all people say they want more technical coins, Namecoin, Vertcoin, Myriad and other attempts to do something genuinely new are all struggling badly. In fact, I don't think we're by any means pushing the limits of Bitcoin, let alone needing new technology to progress.
3. Fair launch coins don't make money. If the developers are on an even-footing with everyone else, why would it? They'll be lucky to get a decent chunk of coins when competing with others, especially as there's likely to be much bigger mining farms than the developers will have to hand.

So maybe if a huge development team could be assembled with a dedicated open source approach it could happen, where the per-developer contribution was low enough for volunteer work, but it seems unlikely. A funded/ICO coin with a sizable dev team doing something new... would be Ethereum.

[d5000]

There are many coins with unique and useful innovations:

- Proof of Stake: Peercoin, NXT, Blackcoin, Qora, Bitshares with different implementations (with their own strenghts and weaknesses)
- Coloured Coins: Bitcoin-based (Counterparty, Mastercoin), Nxt, Qora, NEM ...
- Proof of Importance: NEM
- Proof of Burn: Slimcoin
- Decentralized market: NXT
- "Stable" cryptoassets: Nubits / Nushares, Bitshares
- Better privacy: Dash, Monero, Bytecoin

You could support one of these to make them better. Many of them are seriously undervalued, so there are lot of opportunities even if you're in only for the money.

[nutildah]

There are many coins with unique and useful innovations:

- Proof of Stake: Peercoin, NXT, Blackcoin, Qora, Bitshares with different implementations (with their own strenghts and weaknesses)
- Coloured Coins: Bitcoin-based (Counterparty, Mastercoin), Nxt, Qora, NEM ...
- Proof of Importance: NEM
- Proof of Burn: Slimcoin
- Decentralized market: NXT
- "Stable" cryptoassets: Nubits / Nushares, Bitshares
- Better privacy: Dash, Monero, Bytecoin

You could support one of these to make them better. Many of them are seriously undervalued, so there are lot of opportunities even if you're in only for the money.

I agree but who is actually using them? Not many people outside of this forum. And you forgot to mention the other 3,990 coins that are just clones or scamcoins. Perhaps this is the trend of the future. Perhaps the general public has already been turned off to the whole concept because of the amount of fraud and bullshit involved. Its ceaseless.

[markm]

It looks like the primary reason for gaining attention here is the reader thinks it might be a chance to get rich quick.

There are plenty of technical innovations around, but the local corwd here keeps jumping on new coins, ninja launches, ICOs even if they are probably scams, and so on.

Most of them don't seem to care what the excuse is for pumping out yet another scam as long as they have a chance to get in on the ground floor and thus get to be one of the scammers, or at least to grab a share of the proceeds of the scam.

The way to make a coin worthwhile is to stick with it year after year, building up infrastructrure around it, growing its user-base, and, if possible, putting nearly all the proceeds of sales of the coin right back onto the buy side to build up a massive buy-side; ideally eventually you would get the buy-side built up so huge that every one of the coins could be dropped on it and still there would be buy offers sitting there forced to wait for those who out-bid them to decide to dump, or having to resort to offering more than those who out-bid them.

Take a look at http://galaxies.mygamesonline.org/inbtc.html ... scroll down to March of 2014. Batshit-insane values. Why? Supposedly because those folks "backed" their coins.

Look at those values. Aren't coins worth that much be "worthwhile" ?

They were not forced to throw away most of their wealth on "miners"; Proof of Work coins cost so insanely much to secure that they seem to end up throwing money away in effect, enriching power companies and mining-rig manufacturers.

-MarkM-